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Oct 31, 2012
10/12
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we have seen it happen after the hurricane irene. the question is what kind of a backlash utilities will face to their storm restoration efforts. they're trying their best but it will take many days before the power service is restored. and that usually triggers a lot of regulatory scrutiny and that is not good news for utilities. >> as you look at the president's helicopter fleet there touring atlantic city, are any single companies of those you follow here more at risk to really devastating hits on their balance sheets or not? can you handicap it in any way for us? >> well, ouriously obviously ns the hardest hit area. 50% of households currently in new jersey are without power. coastal communities in new jersey and on long island should have the highest impact. so percentage, jcp and l, lipa on long island will have the highest impacts. we will be following especially jcp&l and the connecticut utility given the fact that their storm response after hurricane irene was the really harshly criticized by regulators and they really canno
we have seen it happen after the hurricane irene. the question is what kind of a backlash utilities will face to their storm restoration efforts. they're trying their best but it will take many days before the power service is restored. and that usually triggers a lot of regulatory scrutiny and that is not good news for utilities. >> as you look at the president's helicopter fleet there touring atlantic city, are any single companies of those you follow here more at risk to really...
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Oct 30, 2012
10/12
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places that didn't experience flooding during irene. certainly did this time. historic event, and it will take some time to recover. >> back to you, scott. >> reynolds wolf for us from the weather channel. hurricane sandy loss estimates are as high as $10 billion, but what does this mean for the insurance stocks. let's welcome josh sterling an insurance analyst at bernstein. thanks for coming on today. >> thank you, scott. >> had an analyst on yesterday looking ahead to the storm who suggested that chub was the best physician. how would you assess who has got the best place right now in the insurance business, given the damage estimates?5zl >> well, you know, that's a great question. the truth of the matter is all will be weak for a few days. looking back in history, what happens is investors in times of uncertainty, until the companies start to report losses, generally the stocks will be weak, and, of course, you know, given this storm and given how many people who are investors and how we've been sitting at home watching television for the past couple of days
places that didn't experience flooding during irene. certainly did this time. historic event, and it will take some time to recover. >> back to you, scott. >> reynolds wolf for us from the weather channel. hurricane sandy loss estimates are as high as $10 billion, but what does this mean for the insurance stocks. let's welcome josh sterling an insurance analyst at bernstein. thanks for coming on today. >> thank you, scott. >> had an analyst on yesterday looking ahead to...
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Oct 29, 2012
10/12
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irene cost an estimated $300 million. i talked with one analyst today who said take irene, add another 50%. that's an idea of what sandy might cost the airlines. guys, back to you. >> phil, thank you. phil lebeau in atlanta for us. >>> let's look at some of the non-storm related stories that have crossed the tape today. ford has dropped to next to last among 28 car brands in the "consumer reports" 2012 reliability survey. toyota toyota's, lexus and toyota brands took the top spot. >>> early earnings release for anadarko petroleum reporting third quarter profit of 84 cents a share. that was eight cents higher than estimates. anadarko had been zuscheduled t release earnings after the now-non-existent bell today. >>> ebay has told workers some jobs are being eliminated. they'll take a $15 million charge related to those cuts. >>> take a look at this home video just in to us from city island, new york. it is a small island in new york city proper. it is just off the bronx. you can see the water pummelling that house that's to
irene cost an estimated $300 million. i talked with one analyst today who said take irene, add another 50%. that's an idea of what sandy might cost the airlines. guys, back to you. >> phil, thank you. phil lebeau in atlanta for us. >>> let's look at some of the non-storm related stories that have crossed the tape today. ford has dropped to next to last among 28 car brands in the "consumer reports" 2012 reliability survey. toyota toyota's, lexus and toyota brands took...
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Oct 30, 2012
10/12
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no doubt though, any potential storm damage would be big than any potential lost revenue from irene or lost revenue even from this storm. i think they are just beginning to go inside their buildings, figure out what went wrong and figure out when they can reopen. as soon as thursday is a pretty good report, you guys. >> kayla tausche, stay safe. thank you very much. >>> well, the storm not just hitting the east coast, because the entire nation's air traffic system continues to face disruptions because of the disruptions to our airport. >> absolutely. we are going to ask one of the world's top airline experts to explain just how bad this is for anyone who needs to get on a plane. >>> plus, a dramatic rescue at sea and a desperate search. that is next. [ male announcer ] this is joe woods' first day of work. and his new boss told him two things -- cook what you love, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant disruptions to our airport. fise from the great northwest. he'll start investing early, he'll
no doubt though, any potential storm damage would be big than any potential lost revenue from irene or lost revenue even from this storm. i think they are just beginning to go inside their buildings, figure out what went wrong and figure out when they can reopen. as soon as thursday is a pretty good report, you guys. >> kayla tausche, stay safe. thank you very much. >>> well, the storm not just hitting the east coast, because the entire nation's air traffic system continues to...
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Oct 31, 2012
10/12
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irene, a bit of a disappointment. this one was a little bit in the other direction. can you see that in the home repair stocks that i've been emphasizing. we've been talking about roofing as a major play for a week now. a lot of early players have had significant gains but today, look at these stocks moving 6% in a day. this is a real late investors in this game, roofing repair. but i think people underestimated. how about dredging and docking companies. great lakes. this is a very interesting play that not a lot of people talked about last week. there will be a big need to dredge out a lot of those harbors. armstrong another big play, they make flooring. overall you have a somewhat weak earnings picture. en certain election next week where mr. bernanke is very much a part of the play and now you have hurricane sandy ate my homework as a possible excuse for weaker fourth quarter earnings. >>> thank you very much, bob pisani. how is the first day of trading since hurricane sandy? let's ask managing director at lessard national markets. >> it is good to be back. two da
irene, a bit of a disappointment. this one was a little bit in the other direction. can you see that in the home repair stocks that i've been emphasizing. we've been talking about roofing as a major play for a week now. a lot of early players have had significant gains but today, look at these stocks moving 6% in a day. this is a real late investors in this game, roofing repair. but i think people underestimated. how about dredging and docking companies. great lakes. this is a very interesting...
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Oct 29, 2012
10/12
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>> certainly looks to be a more powerful storm than irene was last year. as we recall, it was a little over $5 billion for our industry for that particular storm. certainly that was just the property and casualty side, not the flooding, so we expect that this will be at least of that magnitude, although we don't know for sure until there's been some real estimates, and it takes usually a couple of weeks for us to get any real hard numbers that we can track. >> don griffin, thanks for your thoughts tonight, appreciate it. >> thank you. a lot of the focus today has been on new york city because it is the financial center of the country, but clearly points further south and soon to the north are in trouble as well. hampton pearson is live in washington where federal workers will get another day off tomorrow. hampton? >> reporter: hi, michelle. more about that in a moment. we did get word late this afternoon that treasury secretary the guy anyner had a meeting with the financial security oversight council about financial markets, hurricane sandy approaching an
>> certainly looks to be a more powerful storm than irene was last year. as we recall, it was a little over $5 billion for our industry for that particular storm. certainly that was just the property and casualty side, not the flooding, so we expect that this will be at least of that magnitude, although we don't know for sure until there's been some real estimates, and it takes usually a couple of weeks for us to get any real hard numbers that we can track. >> don griffin, thanks...
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Oct 30, 2012
10/12
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you have irene 14 months ago, now this. do your models tell you that this is going to be a more likely scenario over the next, i don't know, 20 or 30 years? >> well, carl, we do model scenarios like this, believe it or not. maybe not exactly this scenario but ones of this kind of severity. and for us i would say it's a manageable event financially. i don't think there's any question that things are different now. at least they have been over the last couple of years. you might expect a company like ours has skilled analytical professionals who do this work in conjunction with industry groups and the weather patterns have been quite different. the question really is, is this a permanent change, or is this just a cycle we're going through which we've had many weather cycles throughout history, as you know. i don't think the answer to that is clear yet. >> right. and, liam, i have to ask you, the impacts on the industry as well as the consumer here, when you hear about these sorts of hurricanes and you hear about the estimated
you have irene 14 months ago, now this. do your models tell you that this is going to be a more likely scenario over the next, i don't know, 20 or 30 years? >> well, carl, we do model scenarios like this, believe it or not. maybe not exactly this scenario but ones of this kind of severity. and for us i would say it's a manageable event financially. i don't think there's any question that things are different now. at least they have been over the last couple of years. you might expect a...
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Oct 29, 2012
10/12
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because of irene, are you even more prepared at this point, governor? >> well, we certainly have learned a lot with every storm. we have a great first responder emergency response community in our state. they've been preparing for many days. that being said, this is a significant one. we're seeing a lot of flooding already. we expect people will be without power for a long time. it's a slow moving storm. going to be several tidal cycles. significant impact throughout the state. >> compared to last year with both of those events that we had, you think there's going to be longer and more people without power? >> i do. i think the storm will be here longer for sure. it's slow moving. we expect more people without power. the utilities have been bringing people in from throughout the country so that's a positive. the challenge is that it's so long lasting, the winds are going to be so strong that it could be some period of time before the utilities can actually put people up in their bucket trucks to put poles back up. >> are the centers full near the coast?
because of irene, are you even more prepared at this point, governor? >> well, we certainly have learned a lot with every storm. we have a great first responder emergency response community in our state. they've been preparing for many days. that being said, this is a significant one. we're seeing a lot of flooding already. we expect people will be without power for a long time. it's a slow moving storm. going to be several tidal cycles. significant impact throughout the state. >>...
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Oct 30, 2012
10/12
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property will be $50 billion approaching $100 billion based on what we've seep still in the aftermath of irene last year and katrina, rita and prior years, five years and 50 days ago. >> sue, burt, thank you very much. we have some fresh video we want to show you right now. thank you very much. >> indeed. some breaking news. and this just came into us. it's the first aerial pictures that we have. this is in from we believe the atlantic city, new jersey, region. it was video taken from a helicopter and if you look at that flooding, it shows you just how widespread the flooding is in that part of the garden state which, of course, was one of the hardest hit states and especially, ty, as you were mentioning yesterday and we were talking about, that south central part and the storm surge was unbelievable. in some cases, up to 14 feet. as you can see there are some buildings that are partially submerged at this point. and that looks like parked next a harbor, we are just seeing this now, as you guys are certainly at home. look at the boats piled up. >> that maybe the marina right around where the b
property will be $50 billion approaching $100 billion based on what we've seep still in the aftermath of irene last year and katrina, rita and prior years, five years and 50 days ago. >> sue, burt, thank you very much. we have some fresh video we want to show you right now. thank you very much. >> indeed. some breaking news. and this just came into us. it's the first aerial pictures that we have. this is in from we believe the atlantic city, new jersey, region. it was video taken...
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Oct 31, 2012
10/12
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just because of irene last year, it's a little bit of a blessing irene came through last year, probably not the way people felt at the time, but certainly now this port was ready for whatever this hurricane threw at us. >> i guess, you know, the media has done a lot with the bounty, it had to be an odd set of circumstances that brought about the sinking of this old ship that was used in filming of the movie. what can you tell us about what happened there. >> i'm afraid i can't tell you a whole lot about what happened there other than i know coast guard responded. that happened off the north carolina coast? >> yeah, it was moving somewhere, but to be caught up in just bizarre. sometimes the news is stranger than fiction. but yeah, i know apparently i just saw on the intro to you that the captain of that ship is, i guess, they're still searching for the body. i think most of the people were -- >> 16 of the 18 were found and rescued, one was brought in and i think had been in serious condition. they had not been able to resuscitate her last i'd heard. >> what's going on today, captain? wha
just because of irene last year, it's a little bit of a blessing irene came through last year, probably not the way people felt at the time, but certainly now this port was ready for whatever this hurricane threw at us. >> i guess, you know, the media has done a lot with the bounty, it had to be an odd set of circumstances that brought about the sinking of this old ship that was used in filming of the movie. what can you tell us about what happened there. >> i'm afraid i can't tell...
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Oct 30, 2012
10/12
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i don't remember the figures with irene. i'd say this is more than irene but perhaps not as bad as we had feared. all the countings not done yet, but hopefully we've escaped the worst of it. >> the state offices were closed yesterday, they're closed again today. governor, you expect they'll be able to open and get back to business as normal tomorrow? >> i would hope so. we're going to announce at 8:30 what we're doing with driving restrictions and the like and if we're in a position to release some of the driving restrictions then i would hope certainly people could be back, the state employees could be back tomorrow. we'll have more to announce about that later today. >> when we spoke with you yesterday the president had not yet declared a state of emergency in delaware. i believe that has changed since then in. >> he did, fema and the white house have been terrific to work with, very grateful to them. you know the way it works is they embed themselves, we have fema people at our emergency management agency to make it as se
i don't remember the figures with irene. i'd say this is more than irene but perhaps not as bad as we had feared. all the countings not done yet, but hopefully we've escaped the worst of it. >> the state offices were closed yesterday, they're closed again today. governor, you expect they'll be able to open and get back to business as normal tomorrow? >> i would hope so. we're going to announce at 8:30 what we're doing with driving restrictions and the like and if we're in a position...
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Oct 31, 2012
10/12
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you look at hurricane irene, tropical storm irene, the cost to state and local governments of new york was $1.2 billion. that was for recovery and cleanup. clearly this is going to be an economic hit on us. dimensions of which we just don't know yet. >> it's interesting how it impacted with mta shut down and people unable to get into manhattan for example. lower manhattan almost deserted. certainly very few businesses operating and few businesses operating at night. how does that work its way through the economy? >> very significantly. we take for granted the extensive public transportation system we have in the new york city metropolitan area. it's the life blood to our economy. when that life blood is not pumping, it will have a serious impact. it's not just how soon will trains be running but will be repair costs? they will be significant. mta had its own financing troubles particularly with regard to that capital program. they obviously weren't anticipating the kind of damage that this storm has brought. a long-term where we're at with financing for the mta is a very unclear pictur
you look at hurricane irene, tropical storm irene, the cost to state and local governments of new york was $1.2 billion. that was for recovery and cleanup. clearly this is going to be an economic hit on us. dimensions of which we just don't know yet. >> it's interesting how it impacted with mta shut down and people unable to get into manhattan for example. lower manhattan almost deserted. certainly very few businesses operating and few businesses operating at night. how does that work its...